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July 25, 2005

WOCCU Kicks Off First Day of Conference

(Rome, Italy) - The World Council of
Credit Unions' (WOCCU) kicked off its inaugural
World Credit
Union Conference today, headed by
new CEO Pete Crear. In his first formal address
to the
international credit union system as WOCCU's
leader,
Crear demonstrated the passion for credit unions
for which L.R. "Bobby" McVeigh, WOCCU
chairman, later praised him. During Crear's
briefing on the Present
State of the Worldwide Movement, he noted that,
though last year's statistics were
impressive, "this movement is much more than
numbers."

Presenting a short but comprehensive summary
of
2004, he highlighted successes such as the
immediate
aid given to victims of the tsunami and
the expanding IRnet program, and
challenges such as the competition for donor
funding. He also touched on the work in post-
conflict nations. His
conviction could be felt when he declared that we
must not abandon such countries, saying, "though
safety is paramount...our
ability to affect social change is clear, and so
is our responsibility."

Crear wrapped up by issuing a set of
challenges,
urging audience members to do their part in
strengthening the credit union difference—and to
start by reaching out to others at the
Conference. He stressed his desire to meet as
many participants as possible, to gain
perspective on the needs of their respective
movements and members. "We can meet our goals,
but to do this we must work together," concluded
Crear.

Monday's keynoter, Sherron Watkins,
best known as the Enron
whistleblower and a Time Magazine "Person
of the
Year," spoke to the audience about the need for
good governance. She organized her talk
around
two central questions, the first being how an
employee can keep from rationalizing when he or
she realizes that something is amiss in the
organization or is asked to participate in
potentially illegal activity. She stressed that
ordinary employees can be caught in a trap
of illegality by ignoring their instincts for too
long. Her advice on combatting this problem was
to apply the "3-M Rule"—to imagine discussing the
issue with a respected mentor, a mother, or
seeing it in print by the media and to ask
oneself if the situation brings about a feeling
of shame. If you can say yes to any of the
three, don't do it.

Sherron Watkins (center) receives appreciation gift.

Watkins' second question is particularly
pertinent to the credit union sector:"How do you
make sure that the code of
values you have worked so hard to develop—that
mission statement—is not just a sheet of paper,"
Watkins asked. She described how Enron's mission
statement was constantly touted even as
corruption carried on for years. While
describing her personal experience of being
caught in the eye of the storm throughout one of
the worst corporate scandals in recent history,
she painted the picture of a larger corporate
environment that has gone bankrupt in the area of
moral responsibility. In the United States, she
explained, CEO pay is up to 531 times higher than
that of an average employee. She quoted Warren
Buffett as saying, "corporate reform is alive
when we see CEO pay go down."

Despite the outrageous abuses of power Watkins
has witnessed and now recounts, her message was
hopeful. She preached individual responsibility
against passing the buck and groupthink.
Instead of blaming the few in power, it is up to
us to hold them accountable before the abuses
start. "An Enron doesn't happen but for the
rationalizations of the many," she said. To stop
such crimes "takes us being angry about it—each
one of us."

The day continued with a series of eight
stimulating
break-out sessions, headed by the presidents,
vice-presidents and managers of many of the
diverse credit unions associations in
attendance. There are eight such sessions each
day except Wednesday, when there are four.
Today's covered topics ranging from "Mounting a
Campaign Against Taxation," a talk led by
Grzegorz Bierecki, WOCCU director for Poland, and
Daniel Mica, CUNA and Affiliates president and
CEO; to the popular Best Practices
seminar. Both of these sessions, as well as
several others, were offered in Spanish.

Other break-out sessions held today
included "Mergers: What to Consider Before Taking
the Plunge," hosted by Pat Fay, executive manager
of the Irish League of Credit Unions and Bob
Hoel, executive director of the Filene Research
Institute, and "Global Regulatory Trends," hosted
by JoAnn Johnson, chair of the National Credit
Union Administration and Brandon Khoo, executive
general manager of the Australian Prudential
Regulatory Authority.

In the evening, WOCCU Supporters were invited
to
a special reception in which they visited the
Sistine Chapel on a private tour. Every year,
WOCCU honors
those who have helped them make international
development possible. After the official opening
day of the packed
program, WOCCU and the 1,124 participants in the
world's first International Credit Union
Conference are enthusiastic to proceed with what
is sure to be a memorable four days for all.

World Council of Credit Unions is the global trade association and development agency for credit unions. World Council promotes the sustainable development of credit unions and other financial cooperatives around the world to empower people through access to high quality and affordable financial services. World Council advocates on behalf of the global credit union system before international organizations and works with national governments to improve legislation and regulation. Its technical assistance programs introduce new tools and technologies to strengthen credit unions' financial performance and increase their outreach.

World Council has implemented more than 290 technical assistance programs in 71 countries. Worldwide, 57,000 credit unions in 103 countries serve 208 million people. Learn more about World Council's impact around the world at www.woccu.org.